Latin America Vehicle Insurance is developing to match the trends of the market. The two-wheelers segment was accounted to $ 8.9 Billion in 2017 and is expected to rise with the fastest CAGR in the coming years. This growth is majorly noticed due to the growth in the annual income of middle class population leading to high expenses over convenient transportation.
Rise in per capita income is the major factor which drives the growth of the two-wheeler segment in the evolving market of Latin America.
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Vehicle insurance is the insurance policy for vehicles that covers any financial risk caused due to accidents during driving the vehicle. The main objective is to provide financial protection against damages caused due to road mishaps, medical payments and injury protection for insured and uninsured drivers. An insurance company covers the losses in case of any damages or thefts.
Vehicle insurance market value is growing and there are various factors affecting the same. The growing per capita income and the compulsion to buy vehicle insurance being the main factors. Key market players provide several add-on’s with the insurance packages to make it more lucrative for the buyers. Another factor is the high costs involved in vehicle repairing due to number of increased road accidents across the globe. The demand for vehicles has increased considerably due to growing earning capabilities and ease of repayment of loans.
However, the ease of getting vehicles on rent, market fragmentation and availability of autonomous vehicles are impacting the overall growth of vehicle insurance market value.
The rise in number of new customers has led to the development of products like microinsurance in Brazil. The launch of Real Plan has attracted much of the population of Brazil into the consumer market. However, to upsurge the insurance market, it is necessary to create high quality solutions and represent the social universe of the customers.
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In 2017, passenger cars type dominated the Latin America Vehicle Insurance Market and is estimated to maintain it in the coming years. Increase in disposable income, infrastructure enhancement and population explosion have increased the sales and production of passenger cars in Latin America. Demand from export countries and increase in gross domestic products, rise in urbanization and launch of low-cost car models & electric vehicles are some of the factors which supports the sales of passenger cars in Latin America.
An important factor affecting commercial vehicle sector is need for fuel-efficient vehicles. Improving infrastructure of road, regulatory policies and rapid urbanization will encourage the manufacturers of original equipment and buyers of commercial vehicle.
Vehicle insurance market size is segmented on the basis of type of insurance, distribution channel, and geography. On the basis of insurance type, vehicle insurance market is divided into commercial insurance premium and personal insurance premium. With respect to distribution channel, the market is divided into insurance agency/insurance broker and online insurance providers. Geographically, the vehicle insurance market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Vehicle insurance market in India is one of the leading contributors in the global market and is estimated to grow at a CAGR rate of XX %. The vehicles act of 1988, which made it compulsory for buyers to buy insurance is the main reason for the growth.
Latin America Vehicle Insurance market was valued at $ 64.20 B in 2017. The demand for vehicle insurance is growing rapidly, due to increase in road accidents leading to fatal physical injuries and damage to automobiles.
The Latin America Vehicle Insurance Market is divided into third party insurance, comprehensive insurance and others. Government of Colombia has accepted the schemes of third party insurance which is beneficial in case of body injury to third-person from motor vehicles. The third party insurance segment is expected to scale up the market over the forecast period. Third party thefts and fire is excluded in case of any risk to vehicle or damage to property. However, third party insurance includes legal liability to third parties whose property is damaged and are into severe injury.
Companies in the business of vehicle insurance are aware and in tune with the growing competitive market. Hence they are continuously changing their systems and process to give the best offers to users. New technologies and processes are always being created to recognize false claims.
Vehicle Insurance is very useful in the events of fatal accidents or any other type of damage done to your vehicle. Furthermore, vehicle insurance policies also cover the losses in case of any damage caused to any other vehicle by you.
The top contributors in the vehicle insurance market size include AXA, Allianz SE, Assicurazioni GeneraliS.p.A., The Allstate Corporation, Berkshire Hathaway Homestate Companies, China Life Insurance Group, American International Group, Inc., Prudential plc., and Zurich Insurance Group Ltd and many more. The Vehicle insurance market in India is dominated by Bajaj Allianz General Company Insurance, followed by Bharti Axa Motor Insurance, Future Generali India insurance and many more.
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What to expect from the upcoming report on ‘Vehicle Insurance Market’:
• Future prospects and current trends of the vehicle insurance market by the end of forecast period (2018-2025).
• Information regarding technological progressions as well as innovations across the world.
• Supportive initiatives by government likely to influence the market dynamics.
• In-depth analysis of different market segmentations including regional segmentations, applications and types.
• Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
• Trends, drivers, opportunities, restraints, challenges and key developments in the market of vehicle insurance market.
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